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Does financial development affect growth?

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  • Karima Saci
  • Gianluigi Giorgioni
  • Ken Holden

Abstract

This article contributes to the literature on the relationship between financial development and economic growth in three ways: it utilizes recently developed techniques for generalized methods of moments (GMM) one-step estimation with dynamic panel models, it focuses exclusively on a sample of developing countries and it uses as proxies for financial development variables which capture both banking sector and stock market effects. The results provide evidence, based on a panel of annual data for 30 developing countries, that while the stock market variables are positively and significantly related to growth, their presence results in the standard banking sector variables, credit to the private sector and liquid liabilities, having negative effects on growth.

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Bibliographic Info

Article provided by Taylor & Francis Journals in its journal Applied Economics.

Volume (Year): 41 (2009)
Issue (Month): 13 ()
Pages: 1701-1707

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Handle: RePEc:taf:applec:v:41:y:2009:i:13:p:1701-1707

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Cited by:
  1. Kunieda, Takuma & Okada, Keisuke & Shibata, Akihisa, 2011. "Corruption, Globalization, and Economic Growth: Theory and Evidence," MPRA Paper 35355, University Library of Munich, Germany.
  2. repec:asi:ajoerj:2013:p:990-1004 is not listed on IDEAS
  3. Michael Adusei, 2013. "Finance-Growth Nexus in Africa: A Panel Generalized Method of Moments (GMM) Analysis," Asian Economic and Financial Review, Asian Economic and Social Society, vol. 3(10), pages 1314-1324, October.
  4. Alimi, R. Santos, 2014. "DOLS Cointegration Vector Estimation of the Effect of Inflation and Financial Deepening on Output Growth in Nigeria," MPRA Paper 57182, University Library of Munich, Germany.

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